In the course of my travels I have read where it currently has S & P's third-highest rating. I believe it's rated AA. Moody's has it as it's fifth-highest rating.
In late March of 2009, Pfizer issued $14B of new debt to American investors at an average rate of 5.5%. Two months later the company floated $10B in new debt to European investors at a 6.0% average rate.
Difficult to imagine a 25% haircut in PFE stock price when Torcetrapib/Lipitor combination was only expected to start sales of approx. $375 million in 2011 and $1.2 billion in 2012. The current probability of this combination having success was at best 50%. So, what is $1.2 billion in sales in 2012 over $42 billion?....3%...BUY the sell-0ff!